You are reading a single comment by @NickCJ and its replies.
Click here to read the full conversation.
-
It's one of relatively few ways that the tax system has become genuinely more progressive over the last decade. It's just unfortunate for those still on defined benefit pensions that it coincided with really low interest rates, which meant that the net present value (i.e. taxable value) of DB / final salary schemes ballooned.
NickCJ
I wondered why this was a problem only recently and saw the LTA was £1.8m in 2010/11 and has been reduced and fixed since then